diff --git a/src/com/amazon/ion/impl/bin/utf8/Pool.java b/src/com/amazon/ion/impl/bin/utf8/Pool.java
index 647055bcc4..3647541872 100644
--- a/src/com/amazon/ion/impl/bin/utf8/Pool.java
+++ b/src/com/amazon/ion/impl/bin/utf8/Pool.java
@@ -1,6 +1,8 @@
 package com.amazon.ion.impl.bin.utf8;
 
-import java.util.concurrent.ArrayBlockingQueue;
+import java.util.Queue;
+import java.util.concurrent.ConcurrentLinkedQueue;
+import java.util.concurrent.atomic.AtomicInteger;
 
 abstract class Pool<T extends Poolable<?>> {
 
@@ -22,14 +24,19 @@ interface Allocator<T extends Poolable<?>> {
     private static final int MAX_QUEUE_SIZE = 128;
 
     // A queue of previously initialized objects that can be loaned out.
-    private final ArrayBlockingQueue<T> bufferQueue;
+    private final Queue<T> objectQueue;
+
+    // The current size of the queue. Note: some implementations of Queue.size() (including ConcurrentLinkedQueue's)
+    // are not constant-time operations. Tracking the size externally is a performance optimization.
+    private final AtomicInteger size;
 
     // Allocator of objects to be pooled.
     private final Allocator<T> allocator;
 
     Pool(Allocator<T> allocator) {
         this.allocator = allocator;
-        bufferQueue = new ArrayBlockingQueue<T>(MAX_QUEUE_SIZE);
+        objectQueue = new ConcurrentLinkedQueue<T>();
+        size = new AtomicInteger(0);
     }
 
     /**
@@ -40,10 +47,13 @@ interface Allocator<T extends Poolable<?>> {
      */
     public T getOrCreate() {
         // The `poll` method does not block. If the queue is empty it returns `null` immediately.
-        T object = bufferQueue.poll();
+        T object = objectQueue.poll();
         if (object == null) {
-            // No buffers were available in the pool. Create a new one.
+            // No objects were available in the pool. Create a new one.
             object = allocator.newInstance(this);
+        } else {
+            // An object was retrieved from the pool; decrement the pool size.
+            size.decrementAndGet();
         }
         return object;
     }
@@ -59,6 +69,17 @@ public T getOrCreate() {
     public void returnToPool(T object) {
         // The `offer` method does not block. If the queue is full, it returns `false` immediately.
         // If the provided instance cannot be added to the pool, we discard it silently.
-        bufferQueue.offer(object);
+        if (size.getAndIncrement() < MAX_QUEUE_SIZE) {
+            objectQueue.offer(object);
+        } else {
+            // The pool was full. Since the size was optimistically incremented, decrement it now.
+            // Note: there is a race condition here that is deliberately allowed as an optimization.
+            // Under high contention, multiple threads could end up here before the first one
+            // decrements the size, causing objects to be dropped wastefully. This is not harmful
+            // because objects will be re-allocated when necessary; the pool is kept as close as
+            // possible to capacity on a best-effort basis. This race condition should not be "fixed"
+            // without a thorough study of the performance implications.
+            size.decrementAndGet();
+        }
     }
 }